© Copyright Convert Group 2024
© Copyright Convert Group 2024
Reckitt Health, a multinational consumer goods company offering Hygiene and Wellness Products, faced a significant challenge that many companies encounter today: evaluating the effectiveness of retail media planning.
As a critical step in retail media planning, evaluating campaigns plays an essential role in helping brands understand the success of their activations. The right KPIs are the key to assessing the campaign effectiveness.
To address this challenge, Convert Group’s eRetail Audit Marketplace stepped in, furnishing Reckitt with a robust solution. Through independent calculations of campaign Incremental Value and iROAS (incremental return on ad spend), Convert Group empowered Reckitt with a clearer understanding of how their advertising investments drive growth.
Navigating Data Dynamics: Since the onset of 2023, Reckitt has opted to increase investments in eGroceries while implementing customized strategies with selected retailers. These initiatives required internal evaluation to facilitate informed decision-making processes.
Extracting Insights from Data: While possessing data is crucial, Reckitt often required additional time to analyze and interpret the results, enabling them to derive actionable insights and refine strategies for future endeavors.
Step 1: Emphasizing the Significance of Incrementality:
Convert Group’s tool focused on addressing a critical question that went beyond simple attribution: How much additional revenue was generated by a marketing campaign? By leveraging two years of historical data, our algorithm predicted expected sales and compared them with actual sales, thereby measuring Incremental Value independently of the Activation Medium. Through this approach, we calculated the iROAS, a metric of greater significance than traditional ROAS, as it quantified the Incremental Return on Advertising Spend.
Step 2: Extracting Insights with Guidance from Customer Success Team
With guidance from our Customer Success team, Reckitt gained clarity on which campaigns proved effective and identified key differentiators among them. These insights were effectively communicated to relevant stakeholders and subsequently integrated into future campaigns targeting the same retailer.
A significant insight emerged from a campaign conducted in March 2023, where Dettol executed a Promo/Awareness Campaign within the All-Purpose Cleaners category.
Just two days following the campaign’s conclusion, the e-commerce team was able analyzed the outcomes and share results internally: according to the eRetail Audit Marketplace’s algorithm, +59% of Dettol’s incremental growth during 20-26/03 can be attributed to the campaign’s effectiveness, coinciding with a notable +70% week-over-week increase in Sales Value within this specific retailer.
The campaign served as a compelling precedent for the subsequent Multibrand campaign in May. The outcomes revealed a remarkable sales value growth of +57% compared to previous weeks, with one-third of Brands’ Sales attributed to this campaign. Most significantly, this outcome validated Reckitt’s e-commerce team’s strategic investment in the eGrocery channel, empowering them to persist with their successful efforts throughout 2024. Based on these results, Reckitt continued investing and tracking real-time the results throughout 2024.
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© Copyright Convert Group 2024
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